FG orders banks, fintechs to remit VAT on service fees

From January 19, 2026, every beep, tap, and USSD code on your phone now comes with a government share. The Federal Government has ordered banks and fintechs to collect and remit 7.5% VAT on selected electronic banking service fees, tightening the net around Nigeria’s fast-growing digital finance space. What’s being taxed...